CNBC A truce in Libya has busted open a renewed source of oil supply, further threatening the commodity’s faltering recovery from its historic drop earlier this year. Libya’s main warring factions signed a purportedly permanent truce last week, a month after a blockade on the country’s oil exports by one faction in the country’s six-year-long civil war was lifted. This
Reuters In total, 966,000 barrels of oil equivalent per day were expected to go offline by Oct. 14, the Norwegian Oil and Gas Association (NOG) said, triple the level of outages so far due to the strike over pay and conditions. The strike has helped lift benchmark Brent crude above $43 a barrel this week and the prospect of more
Reuters OSLO – The escalation of a strike among offshore oil workers in Norway could affect production from six fields with total output of 330,000 barrels of oil equivalent per day (boepd), the Norwegian Oil and Gas Association (NOG) said on Friday. Norway’s Lederne labour union said on Wednesday it would escalate action from midnight Oct. 4 after dozens of
Reuters SINGAPORE/LONDON/NEW YORK – Major oil industry producers and traders are forecasting a bleak future for worldwide fuel demand, due to the coronavirus pandemic’s ongoing assault on the global economy. The novel coronavirus hammered fuel demand in the spring, causing consumption to drop by more than one-third as billions of people worldwide restricted their movements. Consumption rebounded in the summer,
Reuters LONDON – Hedge funds sold crude oil and refined products at the fastest rate for more than two years in the first week of September, as the summer trading lull ended abruptly and bullishness towards oil evaporated. Hedge funds and other money managers sold the equivalent of 171 million barrels in the six most important petroleum futures and options
Reuters LONDON – Oil prices extended losses on Thursday, falling to their lowest point since early August, as worries about weaker U.S. gasoline demand and a sluggish economic recovery from the COVID-19 pandemic dented sentiment. Brent crude LCOc1 fell 55 cents, or 1.24%, to $43.88 a barrel by 1403 GMT, having hit a session low of $43.21. U.S. West Texas
Forbes The global Covid-19 pandemic led to an abysmal second quarter for the earnings of U.S. oil companies, but oil prices themselves staged a recovery during the quarter. The second quarter began with oil prices having fallen into the teens, and then West Texas Intermediate (WTI) went negative for the first time ever. But by the end of the quarter,
Reuters LONDON- Crude oil prices rose on Monday as storms closed in on the Gulf of Mexico, shutting more than half its oil production, and on signs of progress in development of a COVID-19 treatment. Brent crude LCOc1 was up 32 cents, or 0.7%, at $44.67 a barrel by 1351 GMT. U.S. West Texas Intermediate crude CLc1 rose 8 cents,
Reuters Occidental Petroleum expects oil and gas output to dip in the second half of the year and will not boost production until it “significantly” reduces debt, Chief Executive Vicki Hollub said on Tuesday. The company has been struggling with debt taken on during its $38 billion acquisition of Anadarko Petroleum last year, an ill-timed bet on oil prices rising.
Forbes The oil and gas industry’s most recent cyclical downturn, triggered by the Covid-19 global pandemic in March, has yet again invited close scrutiny of the U.S. shale industry. At one point, prior to the turn of events, shale was seen giving American hydrocarbon production a position of market superiority. In many ways it still does, especially if the sheer
Reuters HOUSTON – Exxon Mobil Corp’s (XOM.N) oil and gas producing and refining businesses will report operating losses in the second quarter, it said in a regulatory filing on Thursday, setting the stage for the company to post another quarterly loss this year. Oil prices are down 35% since January as the COVID-19 pandemic slashed demand and a global glut
Forbes Following last week’s release of the BP Statistical Review of World Energy 2020, I began to review and analyze the data. Today I take a deeper dive into the numbers on petroleum. Oil accounts for a third of the world’s energy consumption. That is the greatest share for any category of energy. In 2019, the world consumed a record 98.3
